HYDERABAD: Dispelling fears that the State government will not have adequate cash to distribute cheques under Rythu Bandhu scheme, Reserve Bank of India (RBI) officials told State finance department that they would support the scheme completely.
“There will be no scarcity of currency notes for Rythu Bandhu scheme,” RBI top officials said. The RBI assured to provide currency notes worth Rs 6,000 crore in next two months. “The distribution of cheques will take place in phases spreading a period of one-and-a-half months to two months. During this period, the RBI will keep enough currency notes with the bankers in the State,” an official in the Finance department said.
It may be recalled that finance minister E Rajender and principal secretary (Finance) K Ramakrishna Rao repeatedly requested the Union Finance Ministry and RBI to keep enough currency in the State for the Rythu Bandhu scheme. Initially, the RBI top brass in Mumbai were not willing to give any notes, but finally they agreed to support farmers in the State.
On Wednesday, the first tranche of cheques were received by agriculture department officials. “We have received 16 lakh cheques here today. Some farmers from villages randomly verified the details printed on the cheques,” an official said. Meanwhile, K Ramakrishna Rao on Wednesday issued a budget release order sanctioning Rs 6,000 crore for the Rythu Bandhu scheme. Later, the finance department also released Rs 2,000 crore to the agriculture department. The department in turn would send Rs 2,000 crore to the eight participating banks in Rythu Bandhu scheme.
“We will release another Rs 2,000 crore of the total Rs 6,000 crore to the agriculture department by the end of this month. The balance Rs 2,000 crore will be released in May,” officials said.CM K Chandrasekhar Rao is yet to announce the formal launch of distribution of cheques.